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《大行》高盛升快手(01024.HK)目標價至63元 維持「買入」評級
阿思達克 05-28 10:32
高盛研究報告指,快手(01024.HK)今年首季業績符合預期,認為快手今年剩餘時間的增長動能仍具積極趨勢。其廣告、GMV增速優於行業、第二季趨勢逐步改善,以及在人工智能應用領域的堅實地位,可能成為推動股價重估的潛在驅動因素。該行將快手目標價從62元升至63元,維持「買入」評級。 該行表示,因反映直播業務與其他服務收入的表現更佳,以及受KlingAI變現所推動,將快手2025至27年收入預測略為上調0.7%至1.1%。另考慮到AI相關投資(包括研發及銷售營銷開支),下調2025至27年淨利潤率預測0.5至0.3個百分點。 該行將2025財年Kling收入展望從此前的6,000萬美元上調至1億美元,認為Kling2.0與全球領先同業產品中具競爭力,並在全球用戶中獲得高度關注。未來幾個季度若增加營銷預算(而非僅依賴口碑傳播擴張),Kling將進一步獲得動力,並有望成為全球變現能力最強的視頻生成應用之一。 該行認為,隨著快手第一季業績出爐及管理層設定第二季廣告收入按年增長12%的指引後,市場對公司首季廣告增長放緩和競爭的憂慮有所緩解,並預期下半年進一步加速。考慮到首季高基數及遊戲支出下,估計公司短視頻和迷你遊戲將成為未來一至兩季廣告反彈的重要增長驅動因素。此外,該行指快手目標達成GMV按年增長13%至15%,反映出貨架電商持續貢獻及直播業務趨於穩定。
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